The wave energy developer confirmed £8m was coming from power company ABB with the rest from existing shareholders such as SSE Venture Capital.

The funding will be used to push ahead with commercialisation of its Oyster technology.

Martin McAdam, chief executive, said: "This is a game-changing moment for our company and for the UK's marine energy industry.

"Abb is a global leader in power and automation technologies, and they have taken a strategic decision to invest in Oyster technology.

"Through working together ABB will gain an early-mover advantage in our wave energy technology, whilst we will be able to access ABB's technical, research and engineering expertise and utilise their global supply chain network.

"Our companies are very different in size but similar in ambition. This is a strategic partnership with the shared goal of accelerating the commercialisation and deployment of Oyster wave energy technology around the world.

"We would also like to thank our existing investors who remain exceptionally supportive of our business strategy."

Abb is a Swiss-Swedish multinational corporation which has its headquarters in Zurich.

It operates in 100 countries employing more than 117,000 people.

The investment was made by its investment arm ABB Technology Ventures.

Brice Koch, head of ABB marketing and customer solutions, said: "Wave energy is primed to become an important part of the world's renewable energy portfolio.

"This investment reflects our belief in its technical viability, and our confidence in Aquamarine Power's technology and its management team."

Ian Marchant, chief executive of Scottish and Southern Energy, said: "Wave energy can play a very important part in meeting our electricity needs over the long term.

"Aquamarine Power is playing a pivotal role in the development of the technology, and this latest investment by SSE is confirmation of our belief in the potential of wave energy and in the ability of Aquamarine Power to fulfil it."